Xenia Hotels & Resorts Reports Fourth Quarter and Full Year 2024 Results

Core Insights - Xenia Hotels & Resorts, Inc. reported a challenging year in 2024 but ended with positive momentum in the fourth quarter, driven by portfolio performance and completion of significant capital improvement projects [4][6] - The company experienced a 5.1% increase in Same-Property RevPAR in Q4 2024 compared to the previous year, with notable growth in various markets [4][5] - The Grand Hyatt Scottsdale Resort underwent a transformative renovation, which is expected to deliver meaningful returns as it becomes fully operational [4][19] Fourth Quarter 2024 Highlights - Net loss attributable to common stockholders was $0.6 million, or $0.01 per share [5] - Adjusted EBITDAre for Q4 2024 was $59.2 million, a decrease of 0.5% compared to Q4 2023 [5] - Same-Property Occupancy increased to 64.4%, up 250 basis points from Q4 2023 [5] - Same-Property RevPAR reached $165.92, a 5.1% increase from Q4 2023 [5][7] Full Year 2024 Highlights - Net income attributable to common stockholders was $16.1 million, or $0.15 per share, down 15.7% from 2023 [10] - Adjusted FFO per diluted share increased by 3.2% to $1.59 compared to 2023 [11] - Same-Property RevPAR for the full year was $172.47, a 1.6% increase from 2023 [11] Capital and Financing Activities - The company upsized and extended its corporate credit facility to $825 million, maturing in November 2028 [14][15] - Issued $400 million of 6.625% Senior Notes maturing in May 2030, used to repay existing debt [16] - Repurchased 515,876 shares of common stock in Q4 2024 at an average price of $14.83 per share [17] Renovation and Capital Expenditures - Invested $24.4 million in capital improvements during Q4 2024 and $140.6 million for the full year [20] - Completed major renovations at Grand Hyatt Scottsdale, including guest rooms and public spaces, with some components expected to finish in 2025 [19][24] 2025 Outlook and Guidance - The company anticipates Same-Property RevPAR growth of 3.5% to 6.5% for 2025 [22][23] - Full year 2025 guidance includes Adjusted EBITDAre between $244 million and $264 million [23] - Capital expenditures for 2025 are projected to be between $100 million and $110 million [23]